Question: 9) Consider the following average annual returns: Investment Average Return Small Stocks 20.4% S&P 500 13.9% Corporate Bonds. 7.5% Treasury Bonds 6.2% Treasury Bills 3.9%

9)

Consider the following average annual returns:

Investment Average Return

Small Stocks 20.4%

S&P 500 13.9%

Corporate Bonds. 7.5%

Treasury Bonds 6.2%

Treasury Bills 3.9%

The excess return for the portfolio of small stocks is _____%.

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